Agios, a leader in the fields of cancer metabolism and rare genetic metabolic disorders, reported a net loss for the year ended December 31, 2015 was $117.7mln, compared to a net loss of $53.5mln for the previous same period.
Agios works closely with biotech company Celgene (NASDAQ:CELG) as a collaboration partner. But revenues from such collaboration fell to $59.1mln for the year ended December 31, 2015, compared with $65.4mln a year earlier.
Beginning in the first quarter of 2015, the company began offsetting research and development expense for amounts received from Celgene for reimbursement of certain development costs incurred on Celgene’s behalf related to AG-221 which were presented as gross collaboration revenue during 2014.
Research and development expenses shot up, and were $141.8mln, including $17.4mln of stock-based compensation expenses, compared to $100.4mln, including $6.7mln in stock-based compensation expenses, in 2014.
Although cash, cash equivalents and marketable securities were $375.9mln at the end of 2015, versus $467.4mln a year earlier, Agios said it expects to end 2016 with a further drop in the cash pile to around $180mln.
Agios shares were last seen down 13.4% at $36.32.